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Thursday, 26 February 2015

Britain to lead the world in Islamic finance

London has set its sights on becoming the world centre for the Islamic finance industry according to the UK's foreign office minister for Middle East.

Speaking at The Telegraph's Middle East Congress on Wednesday, Tobias Ellwood, under secretary of state at the Foreign Office, said the capital had ambitions to stand alongside Dubai and Kuala Lumpur as a global hub for Islamic finance.

Britain became the first country outside the Muslim world to issue an Islamic bond, known as Sukuk, last year.

The £200m bond attracted healthy investor interest and was the first step in encouraging wider investment from the region to the City of London.

Britain was also committed to promoting a "peaceful and prosperous" Middle East and expanding trade ties with the region, which topped £35bn last year, said Mr Ellwood